Purchasing your first house is likely one of the biggest and most exciting decisions you will ever make. Although it’s a thrilling time in one’s life, it can also seem like an overwhelming time presenting challenges along the way. Before entering the Barrie realty market, it’s important to establish some key aspects to better prepare you for buying. Ultimately when you do your research and seek expert advice, the process becomes a pleasurable one, leading to the perfect home that meets your desires.
What kind of mortgage can you afford?
Examine your budget and determine what price range is affordable and financially realistic. Evaluating your current costs will help determine the maximum price to consider when house hunting. Keep in mind your monthly expenses, including any debt owed to determine whether you’re in fact in a position for home ownership. In addition, remember to factor in tax fees, maintenance, and renovation costs that come along with purchasing a new home. As a general rule, your monthly housing costs shouldn’t exceed 32% of your gross monthly income. Determining a mortgage in which you can comfortably afford, will allow you to narrow your house search to ones within a specific budget. Sound complicated? Not to worry; we’ll simplify the mortgage process for you!
What type of home appeals to you most?
Are you interested in living in a city such as Barrie, or would you prefer the country? Do you like the idea of a condo or house? These are the questions to initially ask yourself.Begin with your setting of choice, along with the size and style of house that is best fitting to your lifestyle and needs. Likely you will have specific requirements such as number of bedrooms, or the amount of backyard and parking space. Remember to begin with these non-negotiable priorities first; next you will want to consider the secondary features that you’d ideally like such as air conditioning, a fireplace or pool. Knowing what you like and dislike will in turn increase your chances of finding the ideal home.
What realtor are you going to use?
A great place to start your research is by contacting friends and family members for recommendations. Chances are if they were pleased with the realty service received, they will be more than happy to answer questions, or offer positive feedback. When considering a specific realtor, ensure they are in fact reputable; visiting their website for testimonials from past buyers or sellers, will help to familiarize yourself with their style and stance in the marketplace. Have questions? Don’t be afraid to contact your potential realtor with any concerns you may have. Ensure your sales representative is fully qualified and reliable; you are making a big commitment in choosing a realtor, and therefore you should feel confident they will provide you with choices that meet your requirements. Keep in mind, the home seller pays 100% of the realtor fees (both to the sellers & buyers agents), so using a realtor to represent you in the transaction is essentially free. Insurance is only charged to the clients who have a down payment of less than 20%; this insurance is always added to the mortgage principle on the close.
What costs are involved with purchasing?
When putting an offer on a house a deposit is required; your real estate agent will inform you of the exact costs at the time your offer is accepted. Although home inspections are not mandatory, they are recommended to ensure there are no surprises with your new home. Home insurance is due at the time of closing and is also an ongoing monthly expense to be paid. Additionally, after you take possession of your home you will be required to pay mortgage insurance, which can be included within your mortgage or as a separate payment. We’ll gladly discuss recommendations with you in regards to the various financial options available. Contact a mortgage broker in Barrie today for help with your mortgage!